The Russian division of British auditing company Ernst & Young has conducted an audit of URALCHEM's new branch, the Joint Service Centre (JSC).
Moscow, Russia (August 27, 2013) -- The Russian division of British auditing company Ernst & Young has conducted an audit of URALCHEM's new branch, the Joint Service Centre (JSC).
The JSC was established in Perm in early 2013 to unify and optimize the accounting business processes of URALCHEM's different units within a single multifunction centre. The centre is responsible for data processing and preparation of financial statements according to Russian and international standards, tax accounting, treasury operations. It also has been given the task of setting up and maintaining a unified information and telephone systems for the company.
On 1 February, 2013, the Centre started providing services for the company's branch in Perm. On 1 May 2013 services were started for URALCHEM's Berezniki branch. These were audited by Ernst & Young specialists. The auditors examined the mechanisms of remote operations, the quality of the whole suite of services identification of duplication of functions as well as the efficiency of the centre staff and the cost of its operations. After audit, the results of the second quarter of 2013 showed that the JSC met all performance targets and all the tasks are performed at a good level.
The plans for the next two years include a trebling of the centre's staff, from one hundred to three hundred people. From 1 October this year the centre will start providing services for "Power supply utility of Kirovo-Chepetsk Chemical Plant" and for "Repair and Engineering Works of Kirovo-Chepetsk Chemical Plant". Form the beginning of 2014 the centre will roll out services for the plant in Kirovo-Chepetsk.
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URALCHEM, OJSC is one of the largest producers of nitrogen and phosphate fertilisers in Russia and the CIS with production capacities of over 2.5 million tonnes of ammonium nitrate, 2.8 million tonnes of ammonia, 0.8 million tonnes of MAP and DAP, 0.8 million tonnes of complex fertilisers and 1.2 million tonnes of urea. URALCHEM, OJSC is the second largest ammonium nitrate producer in the world and number one in Russia, the second largest producer of nitrogen fertilisers in Russia. Key production assets of URALCHEM, OJSC include Azot Branch of URALCHEM, OJSC in Berezniki, Perm Region; OJSC Minudobrenia, Perm; MFP Kirovo-Chepetsk Chemical Works, OJSC Branch in Kirovo-Chepetsk, Kirov region; Voskresensk Mineral Fertilisers, OJSC in Voskresensk, Moscow region.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of URALCHEM. We wish to caution you that these statements are only predictions. We do not intend to update these statements and our actual results may differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, financial risk management and the impact of general business and global economic conditions.